Philex Mining Corp. · PSE:PX
Philex Mining — Q1 2018 Earnings Presentation
16 slides from Philex Mining's earnings presentation, May 10, 2018
Slide 1: Joint Analyst Briefing 1Q2018 Financial and Operating Results
Joint Analyst Briefing 1Q2018 Financial and Operating Results May 10, 2018
Slide 2: Highlights
Highlights • 1Q2018 Core Net Income At P346 Million • Reported Net Income At P303 Million • Cash Costs And Expenses At P1.288 Billion • US$5.0 Million Short-term Debt Repaid In April-may; Outstanding Short-term Debt Down To US$44.0 Million Todate • Mine Life Extension Study Ongoing; Expected Complet
Slide 3: Operating Highlights
Operating Highlights Inc 1Q2017 1Q2017 (Dec) Tonnes Milled ('000) 2,197 1,998 10% • Tonnes milled: production- Production Gold – ozs 17,947 22,451 -20% Copper - lbs ('000) 7,073 7,752 -9% related issues addressed Metal Recovery (%) • Metal production: affected Gold 77 83 -7% Copper 79 84 -6% by low
Slide 4: Financial Highlights
Financial Highlights (in PHP million, unless indicated) 1Q2018 1Q2017 Inc/(dec) • Revenue: affected by low Gross Revenue 2,373 2,542 -7% metal production Smelting Charges 207 207 - • Cost and expenses: Cost & Expenses 1,697 1,668 2% Income from Operations 468 668 -30% higher due to increase in Other
Slide 5: Revenue Breakdown
Revenue Breakdown Revenue Performance 1% 1% Revenue per Product Inc (PhP million) 1Q2018 1Q2017 39% (Dec) Gold 1,237 1,426 -13% 43% Copper 1,117 1,094 2% Silver 19 22 -14% TOTAL 2,373 2,542 -7% 60% 56% 1Q2018 1Q2017 Gold Copper Silver 5
Slide 6: Costs and Expenses
Costs and Expenses (in PHP million) 1Q2018 1Q2017 Inc (Dec) • Materials and supplies and Production cost labor: continued judicious use Materials & Supplies 428 457 -6% of resources Power 294 324 -9% • Power: lower renegotiated Labor 220 224 -2% rates Contracts 59 47 26% • Depreciation and Others 63
Slide 7: Capital Expenditures
Capital Expenditures Capital Expenditure Capital Expenditure Breakdown Performance Other mine exploration 600 (PhP million) 1Q2018 1Q2017 Inc (Dec) Silangan & Kalayaan Padcal & Head Office P513M Padcal & Head Office 369 321 15% 500 P448M Silangan & Kalayaan 37 173 -79% 400 Other mine 42 19 121% expl
Slide 8: Financial Position
Financial Position ASSETS (in PHP million) As of As of Inc (Dec) Mar 31, 2018 Dec 31, 2017 Cash & cash equivalents 427 584 -27% • Deferred Exploration Receivables & others 5,822 5,683 2% Current assets 6,249 6,267 - costs: investments in Property, plant & equipment 6,645 6,721 -1% Silangan and susta
Slide 9: Recent Developments
Recent Developments • Study on Padcal mine life extension to be completed in July • Silangan options explored • Value generation from investments in and advances to PXP Energy Corp. under consideration 9
Slide 10: Financial Highlights and Operational Updates
Financial Highlights and Operational Updates
Slide 11: Profit and Loss
Profit and Loss % Inc (in PhP millions) Q1 2018 Q1 2017 (Dec) Gross revenue ₱ ₱ 6 18% Cost and expenses 41 37 12% Loss from operations (11) (11) -2% Other income (charges) 2 3 -8% Reported net loss ₱ 8 ₱ 8 -1% • 18 % increase in petroleum revenues due to: 3.4 % lower output offset by 24% higher cr
Slide 12: Financial Position
Financial Position ASSETS (in P HP millions) As of Mar 3 1 , As of Dec 3 1 , % In c 2018 2017 (Dec) Cash & cash equivalents ₱ ₱ -2.1% Receivables and other CA 69 76 -8.9% Current assets 510 526 -3.0% Deferred exploration costs & other NCA 6,867 6,703 2.4% To ta l a ssets ₱ , ₱ , 2 .0 % LIABILITIES A
Slide 13: Operations Update
Operations Update PXP ENERGY WEST PHILIPPINE SEA PALAWAN
Slide 14: Operations Update 1/3
Operations Update 1/3 SC 72 Recto Bank (Forum 70%) Under Force Majeure (FM) since 15 December 2014. Forum will have 20 months upon lifting of the FM to drill the two (2) commitment wells. SC 75 NW Palawan (PXP 50%) Under FM since 27 December 2015. Sub-Phase 2 will have a term of 18 months up
Slide 15: Operations Update 2/3
Operations Update 2/3 SC 40 North Cebu (Forum 66.67%) Completed the plugging and abandonment (P&A) of L95-1 well in Libertad Field last November 2017. Completed a detailed land gravity survey in northern Cebu last 25 April 2018 with a total of 94 gravity stations acquired. SC 14 Matinloc and Tar
Slide 16: Operations Update 3/3
Operations Update 3/3 SC 6A Octon Block (PXP 5.56% / Forum 5.56%) Completed the Pre-Stack Depth Migration (PSDM) processing and quantitative interpretation (QI) of the 2013 3D seismic data. The work program for 1H 2018 includes 3D seismic interpretation, which will integrate the results of the Q